Merkel rules out early informal ‘Brexit’ negotiations

German Chancellor Angela Merkel has ruled out early Brexit talks before the United Kingdom formally begins the process of leaving the European Union.

The speed of negotiations for the UK’s exit is high on the agenda at a meeting with French President Francois Hollande and Italian Prime Minister Matteo Renzi at Berlin’s Federal Chancellery.

While accepting the UK needed time, Mrs Merkel pointedly states it should not be a ‘long time’.

The outgoing British PM David Cameron has confirmed the UK is not ready to begin the formal withdrawal process.

Last Thursday, the UK voted 52-48 in favour of leaving the EU in a historic referendum, creating a volatile economy and throwing politics into turmoil.

Billions of dollars were wiped off the value of shares in Europe and on Wall Street as a result of market uncertainty yesterday. London’s benchmark share index was down 2.75% while Germany’s leading index fell by 3%.